Atlantic Tele-Network (ATN) has acquired largely all of the assets of Green Lake Capital LLC, an owner and operator of commercial distributed generation solar power systems in Massachusetts, California and New Jersey, as well as a number of its affiliates.
ATN attained these assets as part of a total transaction valued at approximately $103 million through its newly formed subsidiary, Ahana Renewables LLC. ATN has retained the management team and staff that developed and currently operate the Green Lake assets.
Michael Prior, CEO of ATN, says, ‘We have investigated solar and other energy solutions as a way to lower power costs or to allow us to build in areas with poor or limited conventional power sources. This transaction provides us with an important growth platform and an entrepreneurial, yet disciplined, management team under whose leadership we expect to leverage our initial investment by developing new projects.’
ATN and the Ahana management team, together, will own approximately 97% of Ahana, and its financial results will be consolidated with ATN's results.